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Bitcoin Breaks Out On Volume

Bitcoin broke out of a cup and handle base today with volume coming in. While it can be difficult to spot on the daily chart, the weekly chart shows a classic looking cup with handle base. I particularly like the support off the $30,000 range at the lows and the subsequent support off the $40,000 range from September's shakeout. It is also encouraging to see Bitcoin breakout on such large volume, indicating there is conviction behind the move. I placed my third buy in Bitcoin today. My original buy point was as it cleared the $37,500 range, and I added to my position this weekend.




It is also important to note that the monthly chart of Bitcoin looks like a cup with a very high handle. It is encouraging to see a similar setup across multiple timeframes.




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Full Disclosure: I currently own Ethereum and Bitcoin.


Full Disclosure: This post contains affiliate links to Gemini and Coinbase. Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.